Does your property tend to have short tenancy periods? Have you ever looked into why your tenants have stopped liking your property?
It’s understandable when tenants don’t choose your property at the beginning due to their personal taste and preferences, but when a tenant has lived in your property, has the security of another year, yet decides to move out, despite the high competition for rental properties, it's a red flag you should probably look into.
1. Conditions Are Deteriorating
Have you checked the condition of your Wellington rental property lately? Is it falling apart? How you care about the property reflects on how you value your tenants. Tenants are unlikely to stay if they feel the living conditions are deteriorating and feel their landlord doesn’t care to improve things. Whether it’s big or small, regular maintenance is necessary to retain the condition of the property and help tenants remain happy with the property.
2. Disappointed With Communications
Are you good at communicating with your tenants? Do you respond to emails and calls in a timely manner? An attentive landlord makes the tenants feel valued and cared for, helping them feel more inclined to stay longer. A good start is ensuring you respond to emails and maintenance issues quickly, and clearly communicate when yourself or tradesmen plan to arrive at the property.
3. Prices Aren’t Competitive Anymore
Rents are on the rise in many Wellington suburbs, but you may want to cap the rent if you don’t want to risk losing good tenants, or look into how you can improve your offer. If you promise and deliver better property conditions and management then tenants are usually more willing to pay a higher price and not move on. Small gestures can help keep tenants happy and loyal – sprucing up the interiors and garden can be inexpensive and encourage tenants to stay longer.
4. They Feel Their Rights Are Being Breached
In life it’s easy to be forgetful, but forgetting tenant rights can upset tenants and contribute to their reasons for moving on. It’s not uncommon for landlords to misunderstand their rights as landlord and believe they can enter their investment property whenever they please. The landlord may own the property, but while the tenants rent the property it’s their home and their landlords must respect their privacy. If a landlord wants to enter the rental property, a notice letter must be provided with the correct amount of notice, otherwise the tenant’s permission must be acquired to enter their home.
5. You Don’t Have What They Want
Sometimes preferences change and that can lead to tenants moving to another rental property. Does the other property offer a heat pump? A washer and dryer? Freeview? These incentives can do wonders in attracting and keeping tenants in properties for longer, and is something to consider if you’re having trouble with tenant turnover.
Tenants come and go, that’s the life of tenancies and sometimes you can’t control this. However it’s never too late to take action to reduce tenant turnover and maintain a consistent cash flow into your bank account. So take a look at the property and your management style, consider whether you would be happy as a tenant in your Wellington rental property. What would you change if you lived there?